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Updated from 12:32 a.m.

Asian stocks closed lower Tuesday and markets in Europe fell on corporate earnings concerns as enthusiasm over China's $586 billion stimulus plan waned.

Export growth in China has slowed as the global financial crisis cut demand,


reports. Exports climbed 19.2% in October from a year earlier after gaining 21.5% in September, the customs bureau said in a statement Tuesday on its Web site. The trade surplus swelled to a record $35.2 billion as import growth weakened.

Japan's Nikkei 225 stock average finished down by 3% to 8809.30. The Hang Seng index declined 4.9%, and stocks on the S&P/ASX 200 index in Australia closed lower by 3.6%. The CSI 300 index in China fell 1.1%.

The Japanese government reported the country's current account surplus in September fell almost 50% as export growth declined. Australia's business sentiment index slid to the lowest level since the series began in 1989, according to a National Australia Bank survey.

Stocks in Europe were lower. The FTSE 100 index in London fell 1.2%, while the DAX in Frankfurt fell 0.1%. Shares of mobile-phone company


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rose even after the company slashed its full-year sales forecast.

Futures in the U.S. were indicating a mixed opening for stocks on Wall Street Tuesday.

S&P 500

futures fell 1.60 points to 919.90, but were 2.10 points above fair value.


futures fell 8.50 points to 1248, and were 3.68 points below fair value.

Stocks in New York finished with losses Monday, as buying interest spurred by China's economic stimulus package gave way to worries over a grim near-term future for U.S. companies.


Dow Jones Industrial Average

, up as much as 215 points early on, ended the day down 73.27 points, or 0.8%, at 8870.54. The S&P 500 lost 11.78 points, or 1.3%, to 919.21, and the Nasdaq shed 30.66 points, or 1.9%, to 1616.74.

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